Inspired Entertainment, Inc. · NASDAQ:INSE
Inspired Entertainment — Q2 2026 Earnings Presentation
23 slides from Inspired Entertainment's earnings presentation, Aug 6, 2026
Slide 1: Second Quarter 2026 Earnings
Second Quarter 2026 Earnings AUGUST 5, 2026
Slide 2: Safe Harbor / Non-GAAP Financial Disclosures
Safe Harbor / Non-GAAP Financial Disclosures Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding our busines
Slide 3: Simpler, growing, and deleveraging
Introduction Simpler, growing, and deleveraging Reported quarter-over-quarter for clean comparability post-divestiture DIVESTED & PROJECTED NET PREDICTABLE & +14% ADJ EBITDA QoQ RESTRUCTURED LEVERAGE TO<2.5x NIMBLE THREE MONTHS ENDED JUNE 30, 2026 NET LEVERAGE4 3.3x $61m $27m 45% 3.0x <3.0x <2.5x Re
Slide 4: 2Q 2026 Key takeaways
Introduction 2Q 2026 Key takeaways Portfolio actions are driving a stronger, higher margin, better positioned Inspired 1 MARGIN EXPANSION CASH & BALANCE SHEET OUTLOOK $23.3m debt reduction YTD Reaffirmed FY26 Adjusted Adjusted EBITDA margin2 45% EBITDA target range of (+1,000bps YoY) $5.2m share rep
Slide 5: UK gaming tax increase tempers strong Interactive performance
Introduction UK gaming tax increase tempers strong Interactive performance UK Interactive continues to gain market share despite UK tax increase INTERACTIVE SEGMENT YoY PERFORMANCE UK GROWTH SINCE INCREASED $ in millions REMOTE GAMING DUTY1 Global Interactive Revenue Global Adjusted EBITDA2 Inspired
Slide 6: Portfolio optimization driving higher margins and scalability
Margin Expansion Portfolio optimization driving higher margins and scalability Strategic divestments and digital shift deliver higher-margin, more scalable earnings KEY DRIVERS ADJUSTED EBITDA MARGIN1 ✓ Portfolio rationalization 45% (divested low margin business) 42% ✓ Structural cost reset 41% 38%
Slide 7: Machine performance growing above market and gaining share
Growth Machine performance growing above market and gaining share Strong performance across key markets 2Q 2026 RETAIL SOLUTIONS PERFORMANCE METRICS RETAIL SOLUTIONS MOMENTUM William Hill betting shop Greece betting shop Gross win/unit/day Gross win/unit/day UK per terminal uplift 6% across entire e
Slide 8: UK Interactive continues to gain market share
Growth UK Interactive continues to gain market share Strong performance from games in key markets INTERACTIVE PLAYS WORLD CUP FEVER INTERACTIVE WINS 2026 ✓ 28 different game titles released this year ✓ Increased market share in 2025 UK & US ✓ Launched on day one in 2024 newly regulated Alberta marke
Slide 9: New content studio ready to go
Growth New content studio ready to go More games, bigger buzz, Bee Reel Games studio launching first game in 4Q NEW GAMES STUDIO ✓ Addition of one new game per month ✓ Market-specific content to supplement existing studio ✓ First game launching in 4Q 2026 Inspired’s newest interactive games studio 9
Slide 10: Interactive has consistently delivered strong H2 seasonal growth
Growth Interactive has consistently delivered strong H2 seasonal growth Holiday game launches have historically driven meaningful sequential growth WHY WE EXPECT STRONG 4Q INTERACTIVE 4Q QoQ PERFORMANCE ✓ Holiday game releases drive seasonal demand +23% +19% ✓ Proven content momentum across +17% ope
Slide 11: Virtual Sports scaling with new products and customers
Growth Virtual Sports scaling with new products and customers World Cup lift, BetMGM expansion and first Playtech SaaS launch VIRTUAL SOCCER WITH BETBUILDER VIRTUAL SPORTS MOMENTUM +3% 2Q sequential Revenue growth quarter over quarter Turnover increase from new Betbuilder +6% ADJ EBITDA mechanic dur
Slide 12: Transformation progression on track
Outlook Transformation progression on track Compounding Adjusted EBITDA growth, margin expansion and deleveraging as the portfolio simplifies ADJUSTED EBITDA1 2026 AND BEYOND3 $ in millions $150 47% 50% 45% Adjusted EBITDA up ~31% by 2027E 37% $130 40% $130 34% 34% $115 Margin expansion 34% → 45%+,
Slide 13: 20%+ Free cash flow conversion for the full year
Outlook 20%+ Free cash flow conversion for the full year Adjusted EBITDA growth in second half expected to convert to cash at a higher rate FREE CASH FLOW TRACKING H1 2026 H2 2026 FY 2026 ANTICIPATED STRONG ($ in millions) ACTUAL PROJECTION2 PROJECTION2 FINISH TO THE YEAR Adjusted EBITDA $50.7 $64 $
Slide 14: Clear path to 2027 targets
Outlook Clear path to 2027 targets Compounding growth, expanding margins, strengthening balance sheet 2025 2026 TARGETS7 2027 TARGETS7 Adj EBITDA1 $111m $112m – $118m $125m – $135m Adj EBITDA margin2 37% Up to 45% 45%+ Digital % of Adj EBITDA3 51% 55%+ 60%+ Cash Capex4 $44m $30m – $35m $30m – $35m F
Slide 15: Appendix
Appendix 15
Slide 16: 2Q26 Adjusted EBITDA Commentary
2Q26 Adjusted EBITDA Commentary ADJUSTED EBITDA BY SEGMENT Retail Solutions +28% QoQ; -10% YoY (-11% cc) 2Q26 QoQ ADJUSTED EBITDA1 PERFORMANCE • Market share gains in the UK and Greece, supported by upgraded ($ in millions) terminals driving cash box growth ahead of the market • 200+ William Hill sh
Slide 17: Financials: Adjusted Income Statement
Financials: Adjusted Income Statement For the Three-Month Period For the Six-Month Period ended ended June 30, June 30, June 30, June 30, (In millions, except per share amounts) 2026 2025 2026 2025 Net income (loss) $ 0.2 $ (7.8) $ (0.3 ) $ (7.9 ) Items Relating to Legacy Activities: Pension charges
Slide 18: Non-GAAP Reconciliation: Q2 2026 Adjusted EBITDA by Segment
Non-GAAP Reconciliation: Q2 2026 Adjusted EBITDA by Segment Retail Virtual Solutions Sports Interactive Corporate Total Net income (loss) $ 7.7 $ 3.9 $ 8.1 $ (19.5) $ 0.2 Items Relating to Legacy Activities: Pension charges — — — 0.3 0.3 Items outside the normal course of business: Costs of group re
Slide 19: Non-GAAP Reconciliation: Q2 2025 Adjusted EBITDA by Segment
Non-GAAP Reconciliation: Q2 2025 Adjusted EBITDA by Segment Retail Virtual Solutions Sports Interactive Corporate Total Net income (loss) $ 8.7 $ 4.6 $ 7.3 $ (28.4) $ (7.8) Items Relating to Legacy Activities: Pension charges — — — 0.3 0.3 Items outside the normal course of business: Costs of group
Slide 20: Non-GAAP Reconciliation: Q1 2026 Adjusted EBITDA by Segment
Non-GAAP Reconciliation: Q1 2026 Adjusted EBITDA by Segment Retail Virtual Solutions Sports Interactive Corporate Total Net income (loss) $ 5.4 $ 3.8 $ 10.7 $ (20.4) $ (0.5) Items Relating to Legacy Activities: Pension charges — — — 0.3 0.3 Items outside the normal course of business: Costs of group
Slide 21: Non-GAAP Reconciliation: Q1 2025 Adjusted EBITDA by Segment
Non-GAAP Reconciliation: Q1 2025 Adjusted EBITDA by Segment Retail Virtual Solutions Sports Interactive Corporate Total Net income (loss) $ 2.5 $ 4.9 $ 6.9 $ (14.4) $ (0.1) Items Relating to Legacy Activities: Pension charges — — — 0.2 0.2 Items outside the normal course of business: Costs of group
Slide 22: Q2 2026 Pro Rated Segment Adjusted EBITDA Contribution
Q2 2026 Pro Rated Segment Adjusted EBITDA Contribution Retail Virtual Corporate Solutions Sports Interactive Functions Total Total Revenue $ 36.2 $ 8.9 $ 15.7 $ — $ 60.8 Segment % of Total Revenue 59.5% 14.6% 25.8% 100.0% Adjusted EBITDA $ 18.4 $ 6.7 $ 10.3 $ (8.3) $ 27.1 Corporate allocation(1) (5.
Slide 23: Q2 2025 Pro Rated Segment Adjusted EBITDA Contribution
Q2 2025 Pro Rated Segment Adjusted EBITDA Contribution Retail Virtual Corporate Solutions Sports Interactive Functions Total Total Revenue $ 57.5 $ 9.2 $ 13.6 $ — $ 80.3 Segment % of Total Revenue 71.6% 11.5% 16.9% 100.0% Adjusted EBITDA $ 20.5 $ 6.6 $ 9.1 $ (7.8) $ 28.4 Corporate allocation(1) (5.6
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